The latest tax news and analysis from KPMG's Global Tax practice
Canada has become one of the newest signatories to the OECD's Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports (CbC MCAA).
Australia's 2016 budget, which was announced on May 3, 2016, proposes to introduce a new diverted profits tax and other tax integrity measures.
The European Commission has taken its first steps towards tackling VAT collection shortfalls and modernizing the current EU VAT system.
China has released new rates and rules that expand its VAT to key sectors such as real estate and construction, financial services, insurance and lifestyle services (e.g., hospitality and food and beverage).
In a recent technical interpretation, the CRA outlines the types of rulings that may potentially be shared with other countries under Canada's new commitment to exchange information on certain tax rulings.
The EU is moving ahead with plans to require certain large multinational groups to publically disclose detailed country-by-country information on their websites.
Canadian taxpayers taking part in cross-border transactions and receiving government assistance should not reduce their cost-based transfer price by that amount.
The UK presented its 2016 Budget on March 16, 2016.
Finance in India has presented its 2016 Union Budget.
China will expand the scope of its value added tax (VAT) regime to key sectors such as real estate and construction, financial services, insurance and lifestyle services (e.g., hospitality and food and beverage).
The OECD has put out an open call for all interested countries to join the BEPS project as "BEPS associates".
The U.S. Treasury Department has issued a revised model U.S. tax treaty that, among other changes, addresses "special tax regimes" and situations where a treaty partner imposes a significantly reduced level of tax after the treaty's original negotiation.
Canada has signed a Joint Declaration with Switzerland which expresses the intent of both countries to engage in the automatic exchange of financial account information as per the OECD's Common Reporting Standard (CRS).
Representatives of 31 countries have now signed an agreement for the automatic exchange of country-by-country reports.
The European Commission has concluded that selective tax advantages granted by Belgium under its "excess profit" tax regime are illegal under EU state aid rules.
Luxembourg has approved a set of tax measures affecting corporate taxpayers, including changes to its participation exemption regime.
The UK has published 85 pages of draft examples to help taxpayers understand how to apply recently released draft legislation related to hybrid mismatches.
The UK released draft legislation for consultation on December 9, 2015 for its forthcoming 2016 Finance Bill.
The introduction of a Financial Transaction Tax (FTT) within the EU continues to be debated.
Canada and the UK have signed an agreement that clearly outlines procedures for the application of the arbitration provisions of the Canada-UK tax treaty.
Australia's Parliament has just passed several anti-avoidance, transparency and country-by-country tax measures.
KPMG Global recently released its 2015 KPMG Global Tax Rate Survey, a study of effective tax rates covering 145 countries, including Canada.
The EU will now require its member states to automatically exchange information on advance cross-border tax rulings and APAs under an EU directive.
The Financial Accounting Standards Board (FASB)'s recent Accounting Standards Update (ASU) amends the classification of deferred tax liabilities and assets as part of its simplification initiative.
The United Kingdom's announcement that it is proposing a 60% penalty on arrangements that are successfully challenged under the GAAR was one of the highlights of the annual Autumn Statement and 2015 Spending Review that was released November 25, 2015.
The U.S. government has enacted new audit procedures for partnerships that make substantial changes to way that partnerships are audited and taxes are assessed and collected.
Luxembourg's proposals in a new budget bill for 2016 show first steps towards implementing the OECD BEPS recommendations.
The EU Commission officially announced its decisions on its State aid investigations into transfer pricing rulings granted to Fiat Finance and Starbucks, and concluded that the two companies were granted selective tax advantages.
A reminder that foreign companies earning income from India which is subject to withholding tax may need to file an Indian income tax return for the Financial Year 2014-15 even if they have discharged their tax liability by paying Indian withholding tax.
Canada's Protocol amending its tax treaty with Spain will come into force on December 12, 2015, according to a Finance announcement released September 29, 2015.
China released a discussion draft of proposed guidance intended to clarify China's approach to transfer pricing investigations and analysis for public consultation on September 17, 2015.
China has introduced a new administrative system for granting tax benefits to non-residents under China's tax treaties that will no longer require certain government pre-approvals, among other changes.
The IRS recently released new guidance on the process for taxpayers to file a competent authority request.
The Australian government released exposure drafts detailing the new multinational tax integrity measures introduced in its 2015 budget.
Barbados recently proposed several changes to its taxation system in its 2015 budget delivered on June 15, 2015.
India recently released an action plan that focuses on verifying remittances that a taxpayer makes where no withholding tax has been deducted.
Portugal has introduced a new tax regime for entities licensed to operate within the Madeira Free Trade Zone that preserves the 5% corporate income tax rate until 2027.
In its 2015 budget, the United Kingdom announced further corporate tax rate reductions to 18% in 2020 and said that it would abolish corporate tax relief for acquired goodwill and other customer-related intangible assets.
Finance has announced that Canada's tax treaty with New Zealand came into force on June 26, 2015.
Finance has announced that Canada recently signed a new Tax Information Exchange Agreement (TIEA) with Cook Islands on June 15, 2015.
The European Commission (EC) recently released its corporate tax reform Action Plan.
The extended filing deadline for the IRS Form 8966, "FATCA Report", is June 30, 2015 for withholdable payments made from January 1, 2014 to December 31, 2014.
Companies and entities carrying out the commercial development of oil, gas or minerals in Canada or elsewhere must now report tax and payment details.
The OECD released details for implementing a new country-by-country reporting plan developed under its BEPS project.
The EU and Switzerland recently signed a new agreement that is intended to address tax evasion.
The FBAR reporting deadline is June 30, 2015 for the 2014 calendar year and penalties for non-compliance are considerable.
The CRA signed the Multilateral Competent Authority Agreement that activates the automatic exchange of financial and tax information.
The OECD recently announced that it has begun developing a multilateral instrument to allow countries to quickly amend their tax treaties so they can implement the BEPS Action Plans.
The OECD recently released a revised discussion draft on the proposals for preventing the artificial avoidance of permanent establishment.
The OECD recently released a revised discussion draft on the proposals for addressing the follow-up work on preventing treaty abuse.
In its 2015 budget Australia introduced measures to counter base erosion and profit shifting.
The 2015 federal budget proposes an exception to the withholding requirements under Reg. 102 for certain payments made after 2015 by non-residents.
The OECD recently released a discussion draft on BEPS Action 8, concerning Transfer Pricing Guidelines on Cost Contribution Arrangements.
The OECD recently released a discussion draft to establish methodologies to collect and analyze data on BEPS.
KPMG recently released its initial impressions of the OECD's discussion draft on BEPS Action 12, "Mandatory Disclosure Rules".
The U.K. recently released updated guidance on its new 25% diverted profits tax.
In its 2015 Finance Bill, the U.K. enacted a new 25% diverted profits tax
The OECD recently released a discussion draft under BEPS Action 12 "Mandatory Disclosure Rules
Related-party loans are financial instruments that are easy to create, but often they can lead to a minefield of potential transfer pricing problems.
The OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes recently released nine new peer review reports.
The U.K. government presented its 2015 budget on March 18, 2015.
The European Commission released draft legislation requiring EU countries to share their cross-border tax rulings information on a quarterly basis.
India introduced measures to promote the country as an attractive business destination in its 2015 budget.
The European Parliament recently launched a special parliamentary committee to examine the tax rulings in European member states.
The OECD recently released implementation guidance on filing a country-by-country report under the BEPS Action Plan 13.
The CBSA may seize commercial goods in the foreign exporter's name where it finds evidence that an exporter significantly undervalued shipments made via the CBSA's Courier Low Value Shipment program.
Colombia implemented a new wealth tax that affects taxpayers with a net equity equal to or greater than approximately US$430,000.
Luxembourg has created a new Ruling Commission to consider written ruling requests and confirm the tax treatment of a proposed taxpayer transaction.
The United Kingdom recently released details of its proposed diverted profits tax in its 2015 Finance Bill.
The OECD presented "Update on BEPS Project - 2015 Deliverables and Beyond", on December 15, 2014.
The EU Council reached an agreement to include an anti-abuse clause in the EU Parent-Subsidiary Directive on December 9, 2014.
Finance has announced that Canada's tax treaty with the U.K. came into force on December 18, 2014.